The EUR/USD has surged and touched the 1.0965 level. In addition, on the hourly chart an ascending channel pattern has been spotted and added to the chart.
During the morning hours of Thursday's London trading session, the rate was heading to the support of the pattern, which was strengthened by the 55 and 100-hour simple moving averages.US ISM Manufacturing PMI
The European Common Currency appreciated against the US Dollar, following the US ISM Manufacturing PMI survey data release on Tuesday at 14:00 GMT. The EUR/USD exchange currency rate gained 24 pips or 0.22% right after the release. The Euro continued trading at the 1.0915 level against the Greenback.
The Institute for Supply Management released the US ISM Manufacturing PMI survey data results, which came out worse-than-expected of 47.8 compared to the forecast of 50.4.
The Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee Timothy R. Fiore commented: "Global trade remains the most significant issue, as demonstrated by the contraction in new export orders that began in July 2019. Overall, sentiment this month remains cautious regarding near-term growth."
US Employment Data week
EUR/USD hourly chart's review
On Thursday morning, the EUR/USD was declining and heading to the support of the just spotted channel up pattern. Meanwhile, note that the lower trend line of the pattern was being supported by the 55 and 100-hour simple moving averages.Hourly Chart
Since Tuesday morning, 60% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
The short sentiment increased on Thursday, as 64% were short during the morning hours.
Meanwhile, pending trade orders were neutral, as 59% of orders in the 100-pip range were set to sell and 41% were to buy.
Previously, the orders were neutral.